If you own rental property and receive rental income, there are certain expenses that you may qualify to deduct on your tax returns. Navigating the new tax laws and changes is particularly important for real estate investors. Emerald Financial Partners specializes in working with real estate investors, so if you own rental property, here are the 15 tax deductions you should know about. Schedule a call with us to discuss your specific situation!
Let’s begin with the most common deductions for rental property:
You can also deduct ordinary and necessary expenses for investment properties:
Some other deductions to consider:
What to know about the cost of improvements:
If you’re a real estate investor, or own rental properties, it’s important to have a trusted guide to help you minimize your tax liability and maximize your income. Emerald Financial Partners specializes in working with real estate investors. Contact us today to schedule a consultation.